FTX’s Sam Bankman-Fried Denied Bail in the Bahamas
After a court hearing in Nassau, Chief Magistrate Joyann Ferguson-Pratt determined that Bankman-Fried was a flight risk.
Arturo Holmes/Getty
A Bahamian magistrate has denied bail for the fallen cryptocurrency king Sam Bankman-Fried. The disgraced wunderkind, who stands accused of financial fraud on an international scale after his crypto exchange FTX lost billions of dollars in customers’ money, was arrested Monday night at the request of prosecutors with the U.S. Attorney’s Office in New York. After a court hearing Tuesday in Nassau, Chief Magistrate Joyann Ferguson-Pratt ordered that Bankman-Fried be remanded due to his flight risk and due to the nature of the two nations’ extradition treaty. Bankman-Fried’s counsel argued that the flight risk could be mitigated by “electronic monitoring systems” and a large cash bail, according to Coindesk, though the judge was left unconvinced. The 30-year-old has been charged with wire fraud, conspiracy to commit money laundering, conspiracy to commit securities fraud, and campaign finance violations, according to an indictment unsealed on Tuesday.
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